Silver Technical Precious Metals (2012-02-22)

Morning Report

The upside move stopped in areas around the resistance of the sideway range, where this resistance is at 34.40-65. Momentum indicators are within overbought areas, which could force the metal to reverse slightly to the downside, correcting the bullish wave seen before. But, consolidation above 34.65 negates any expectations for a downside correction.

The trading range for today is among the key support at 32.80 and key resistance now at 35.70.

The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.

***New York Candlesticks***

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